§ 4055.4. Denial, suspension, revocation or nonrenewal of license--Hearing
Oklahoma Statutes AnnotatedTitle 36. Insurance
36 Okl.St.Ann. § 4055.4
§ 4055.4. Denial, suspension, revocation or nonrenewal of license--Hearing
8. The viatical settlement provider has assigned, transferred or pledged a viaticated policy to a person other than a viatical settlement provider licensed in this state, viatical settlement purchaser, an accredited investor or qualified institutional buyer as defined respectively in Rule 501(a)1 or Rule 144A2 promulgated under the Federal Securities Act of 1933, as amended,3 financing entity, special purpose entity, or related provider trust; or
B. The Commissioner may suspend, revoke or refuse to renew the license of a viatical settlement broker or a life insurance producer operating as a viatical settlement broker pursuant to the Viatical Settlements Act of 2008 if the Commissioner finds that the viatical settlement broker or life insurance producer has violated the provisions of the Viatical Settlements Act of 2008 or has otherwise engaged in bad-faith conduct with one or more viators.
C. If the Commissioner denies a license application or suspends, revokes or refuses to renew the license of a viatical settlement provider, viatical settlement broker or suspends, revokes, or refuses to renew a license of a life insurance producer operating as a viatical settlement broker pursuant to the Viatical Settlements Act of 2008 the Commissioner shall conduct a hearing in accordance with the Administrative Procedures Act.
Credits
Laws 2008, c. 183, § 4, eff. Nov. 1, 2008.
36 Okl. St. Ann. § 4055.4, OK ST T. 36 § 4055.4
Current with emergency effective legislation through Chapter 295 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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